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Blog Caribbean 5.0

Blog Caribbean 5.0

Dominica

Posted on April 10, 2013 at 5:35 PM

 

“Dominica is a parliamentarydemocracy withinthe Commonwealthof Nations and,since 1979, a member of La Francophonie. The Commonwealth of Dominica isone of the Caribbean's few republics. The president is the head of state, while executive power rests withthe cabinet, headed by the prime minister. The unicameral parliament consists of the thirty-member House of Assembly, which consists of twenty-one directly elected members and ninesenators, who may either be appointed by the president or elected by the othermembers of the House of Assembly.

Unlike other former Britishcolonies in the region, Dominica was never a Commonwealthrealm, insteadbecoming a republic on independence. Dominica is a full and participatingmember of the CaribbeanCommunity (CARICOM)and the Organisation of Eastern Caribbean States (OECS).”

 

“In 2008, Dominica had oneof the lowest per capita grossdomestic product(GDP) rates of Eastern Caribbean states.[22][23] The country nearly had a financial crisis in2003 and 2004, but Dominica's economy grew by 3.5% in 2005 and 4.0% in 2006,following a decade of poor performance. Growth in 2006 was attributed to gainsin tourism, construction, offshore and other services, and some sub-sectors ofthe banana industry. The International Monetary Fund (IMF) recently praised the Government of Dominica for its successfulmacroeconomic reforms. The IMF also pointed out remaining challenges, includingthe need for further reductions in public debt, increased financial sectorregulation, and market diversification.[6]

 

Bananas and otheragriculture dominate Dominica's economy, and nearly one-third of the labourforce works in agriculture. This sector, however, is highly vulnerable toweather conditions and to external events affecting commodity prices. In 2007, Hurricane Dean caused significant damage to theagricultural sector as well as the country's infrastructure, especially roads.In response to reduced European Union (EU) banana trade preferences, the government has diversified theagricultural sector by promoting the production of coffee, patchouli, aloe vera, cut flowers, and exotic fruitssuch as mango, guava, and papaya. Dominica has also had some success inincreasing its manufactured exports, primarily soap.[6]

Dominica is mostly volcanicand has few beaches; therefore, tourism has developed more slowly than onneighboring islands. Nevertheless, Dominica's mountains, rainforests,freshwater lakes, hot springs, waterfalls, and diving spots make it anattractive eco-tourism destination. Cruise ship stopovershave increased following the development of modern docking and waterfrontfacilities in Roseau, the capital.[6] Out of 22 Caribbean islands tracked, Dominicahad the fewest visitors in 2008 (55,800 or 0.3% of the total). This was abouthalf as many as visited Haiti.[24]

Dominica's currency is the EastCaribbean Dollar.

Dominica is a beneficiaryof the Caribbean Basin Initiative (CBI) that grants duty-free entry into the United States for manygoods. Dominica also belongs to the predominantly English-speaking CaribbeanCommunity(CARICOM), the CARICOM Single Market and Economy (CSME), and the Organisation of Eastern Caribbean States (OECS).[6]

Dominica supposedly offerstax-free status to companies locating from abroad. It is not known how manycompanies benefit from the tax-free status because of the strictconfidentiality the government enforces, although it is known many Internet businesses utilise Dominica for this reason.However, on 12 July 2012 Dominica signed an agreement with Poland to exchangetax information.[25]

The Commonwealth ofDominica offers an official and legally mandated economiccitizenship tothose seeking a valid second passport. The nationality law of Dominicaauthorizes the government to waive the normal requirement of seven years oflegal residence to acquire citizenship in exchange for a cash contribution.Total costs including all fees for a single applicant come to about $105,000,with an additional $25,000 specified for a spouse and up to two children under18. The Dominican passport holders can travel without a visa, or obtain a visaupon entry, to nearly 90 countries and territories. Applying for Dominicacitizenship requires interacting with official Government Approved EconomicCitizenship Agents.” (http://en.wikipedia.org/wiki/Dominica#Government_and_administrative_divisions,Accessed on 10 April 2013)

 

Categories: Caribbean Society 3.0, SIDS

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